25-11-2009 13:30 Ethiopia
Ethiopia will be 5th fastest growing economy in the world in 2010 - economist
ADDIS ABABA, Nov 25 (NNN-ENA) --The Economist predicts Ethiopia’s economy will grow by 7 per cent in 2010. It also estimates inflation will be reduced by 12 per cent.
According to an information posted in its website, it also said Ethiopia has become five top fastest growing economies in the world.
The prediction is close to Ethiopia’s plan which anticipates to increase its economic growth by over 10 per cent and reduce inflation below 10 per cent in 2010.
The magazine predicts Qatar to top the fastest growing economies in the world with a GDP growth of 24.5per cent followed by China, Congo (Brazzaville), Turkmenistan and Ethiopia.
Ethiopia's GDP is expected to reach 35 Billion USD in 2010 and inflation is estimated at 12 per cent. Kenya which is the biggest economy in East Africa is predicted to have a GDP of 38 Billion USD in 2010.
It said if Ethiopia's GDP growth forecast is accurate, Ethiopia could soon surpass Kenya, to become East Africa's biggest economy.
Opening the joint session of the House of Peoples' Representatives and the House of the Federation, President Girma Woldegiorgis had said the Ethiopian government will be exerting utmost efforts to register more than 10 percent annual economic growth and control inflation at less than 10 percent during the 2002 E.C.
The magazine also predicts Ethiopia's economy to grow by 7 per cent in 2010 and inflation estimated at 12 per cent.
It also indicated that rapid development in the agriculture sector significantly contributed in the economic growth of the country.
Various websites have set up blogs to discuss on causes of rapid development in Ethiopia following the reports of the magazine.